Buy vs. Lease
Are you trying to decide whether buying or leasing your next vehicle is the right option for you? At MY Chevrolet, this is a question we get quite often. Leasing is a great option for those who like to have a new car every few years. Purchasing is a nice option for those who would like to own their car outright. Below we have broken down some things to consider when you’re thinking about getting a new car.
Costs:
LEASE:
You typically have to make the first month’s payment and put down a refundable security deposit. You also have to provide a down payment, pay taxes, registration, and other associated fees. PURCHASE: You have to provide money for a down payment, taxes, registration, and other fees.
You typically have to make the first month’s payment and put down a refundable security deposit. You also have to provide a down payment, pay taxes, registration, and other associated fees. PURCHASE: You have to provide money for a down payment, taxes, registration, and other fees.
Payment:
LEASE:
Lease payments are lower because you are only paying for the depreciation of the vehicle during your specific lease terms.
PURCHASE:
Typically, loan payments are much higher than lease payments because you are working to own the car once payment terms are complete.
Lease payments are lower because you are only paying for the depreciation of the vehicle during your specific lease terms.
PURCHASE:
Typically, loan payments are much higher than lease payments because you are working to own the car once payment terms are complete.
Driving Styles & Habits:
LEASE:
If you’re someone who travels more than 12,000-15,000 miles/year, leasing a vehicle may not be the right option for you. If you drive over the negotiated miles, you will have to pay. Typically it costs around $0.15/mile over your limit.
PURCHASE:
If you’re someone who likes to modify their car, buying may be the right option for you. If you lease a car, you may or may not be able to perform any modifications. If you buy a car, you have the right to customize it however you would like and you do not have to worry about breaking lease terms.
If you’re someone who travels more than 12,000-15,000 miles/year, leasing a vehicle may not be the right option for you. If you drive over the negotiated miles, you will have to pay. Typically it costs around $0.15/mile over your limit.
PURCHASE:
If you’re someone who likes to modify their car, buying may be the right option for you. If you lease a car, you may or may not be able to perform any modifications. If you buy a car, you have the right to customize it however you would like and you do not have to worry about breaking lease terms.
Early Termination:
LEASE:
Early termination of a lease can be very costly and most of the time will be just as expensive as sticking with your original contract.
PURCHASE:
If you buy a car, you can sell it whenever you would like. Money from the sale can be used to pay off your loan balance.
Early termination of a lease can be very costly and most of the time will be just as expensive as sticking with your original contract.
PURCHASE:
If you buy a car, you can sell it whenever you would like. Money from the sale can be used to pay off your loan balance.
End of Term:
LEASE:
What happens when your lease is up? You can choose to purchase the car outright or you can walk away and get a new car.
PURCHASE:
When you purchase a car and your loan is paid off, you can do whatever you would like with the vehicle.
What happens when your lease is up? You can choose to purchase the car outright or you can walk away and get a new car.
PURCHASE:
When you purchase a car and your loan is paid off, you can do whatever you would like with the vehicle.
Do you have questions on whether you should buy or lease your next car? Visit our dealership located in the Salinas Auto Mall. The friendly finance department at MY Chevrolet would be happy to answer any questions you may have about buying and leasing programs.
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MY Chevrolet
444 AUTO CENTER CIR #A
SALINAS
CA
93907-2500
US